If the price elasticity of supply is less than 1, then supply of the good is
A) elastic.
B) inelastic.
C) unitary elastic.
D) monetary elastic.

Name: If the price elasticity of supply is less than 1, then supply of the good is A) elastic. B) inelastic. C) unitary elastic. D) monetary elastic.
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Question

Quizplus · Accepted Answer

When the price elasticity of supply is less than 1, it means that the percentage change in quantity supplied is less than the percentage change in price, indicating that supply is inelastic.

If the Price Elasticity of Supply Is Less Than 1